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Thursday, December 10, 2015

Our members of Congress did WHAT?

Coalition for Grassroots Progress
December 10, 2015                                                   
 

Are you sitting down? I hope so, because you need to get ready for an unpleasant surprise.

Congressmen Jared Huffman and Mike Thompson both voted yes on a bill that lets car dealerships charge higher auto loan interest rates to people of color than they do to Caucasians.

Huffman and Thompson, along with 86 other Democrats and 244 Republicans in the House of Representatives, voted yes on H.R. 1737, which cancels regulatory guidance issued by the Consumer Financial Protection Bureau in 2013 that prohibits car dealers from practicing racial discrimination in car financing.

When I managed the consumer lending department of a local bank, one of my primary responsibilities was to make certain that the bank complied with the regulation that prohibits charging people of color higher interest rates than Caucasians are charged. So I was very pleased when the CFPB issued guidance to regulate on auto dealer loan rates in the same way.

Now, with the help of Democrats, it looks like the clock is going to be turned back to the bad old days. After passage in the House, H.R. 1737, called the “Reforming the CFPB Indirect Auto Financing Act,” now moves on to the Senate Banking Committee for consideration there.

Here’s where we all come in. Please call your member of Congress - Congressman Huffman  (415-258-9913) or  Thompson (707-226-9898) to let him know how disappointed you are that he voted to cancel the limitations on how much a car dealership can increase auto loan rates for people of color.

We must also contact Senators Barbara Boxer (510-286-8537) and Dianne Feinstein (415-393-0707) to let them know we expect them to vote no on the Senate version of H.R. 1737.

Thank you for your activism and your support,
Alice Chan 
Coalition for Grassroots Progress

Resources:
1. Huffpost Politics, “Meet the 88 Democrats who just voted to enable racial discrimination in car buying
2. USNewsThe data is clear: auto lenders discriminate
3. Reader Supported NewsElizabeth Warren seeks to give regulators more authority to go after Big Auto

 

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